The latest and much publicized XBox 360 dashboard update includes a "hidden" option to clear the HDD's cache.
The full instructions on how to perform the cache clear are: Go to the system blade and then memory. Press Y on either the HDD or a MU and then press X, X, Left Bumper, Right Bumper, X, X. Once you do this a blade will pop up saying: This will perform maintenance on your Xbox 360 storage devices. Do you want to continue? Select yes or no
Before you all rush to do your spring cache cleaning be warned that Microsoft does not support users that proceed with a clear cache on their own initiative. This feature, claims MS, should only be used as part of official technical support. Using this feature will not damage your console but we can now confirm that any game updates you have will disappear and will have to be downloaded again.
As is usually the case gamers have already found a use for this option and many claim to have removed the updates from their copy of Oblivion in order to try the Unlimited Gold exploit. We would recommend you stay away from such... unsavory things.